SATS

[behappyalways]

SATS reverses from losses to post PATMI of $6.4 mil
https://www.theedgesingapore.com/capita ... tmi-64-mil


SATS to establish first central kitchen in India for $37 mil
https://www.theedgesingapore.com/news/a ... dia-37-mil

[behappyalways]

SATS records earnings of $6.8 mil for 2Q, non-travel revenue contribution nearly half
https://www.theedgesingapore.com/capita ... arly-halfP

[behappyalways]

SATS begins work on central kitchen in India; expected to be operational in 2023
https://www.theedgesingapore.com/news/a ... ional-2023

[behappyalways]

However, the bottom line support would’ve been a loss of $33.0 million, down from 2QFY2021/2022’s loss of $30.1 million, if not for the government reliefs.

SATS posts earnings of $5.1 mil in 3Q business update
https://www.theedgesingapore.com/capita ... ess-update

[behappyalways]

SATS invests $150 million in food production automation project in Jurong Innovation District
https://www.theedgesingapore.com/news/i ... innovation

[behappyalways]

The earnings were made possible because of government relief and support to the tune of $145.8 million for the whole of FY2022. As such, the company believes it is “prudent” to withhold dividend payout for this FY.

Sats reports full year earnings with government support, warns of costs pressures even as volume picks up
https://www.theedgesingapore.com/capita ... ven-volume

[behappyalways]

SATS record red ink of $22.5 million as it incurs higher costs to meet resumption of travel demand
https://www.theedgesingapore.com/capita ... vel-demand

[behappyalways]

SATS said in talks to buy US$3 billion Worldwide Flight Services
https://www.theedgesingapore.com/news/m ... t-services



SATS says Bloomberg article on deal for Worldwide Flight Services 'contains inaccuracies'
https://www.theedgesingapore.com/news/m ... accuracies

[behappyalways]

SATS to become world’s largest cargo handler with $1.64 bil acquisition of cargo handling firm WFS

Airline ground handler and food catering services provider SATS plans to acquire the world’s largest air cargo handling firm, Worldwide Flight Services (WFS), for EUR1.19 billion ($1.64 billion) in cash.

It would be immediately financially accretive, raising earnings per share by 78% from 1.8 Singapore cents as reported in FY2022 to 3.2 cents on a pro forma basis, and increasing FY2022 pro forma revenue by more than 200%.

The acquisition will enable it to better serve air cargo customers in strategic hubs in Asia, Europe and the US, as well as in complementary new growth markets including Latin America and Africa.

The combined network covers trade routes responsible for more than 50% of global air cargo volume.

The proposed transaction is expected to be completed by March 2023, subject to factors including the requisite shareholder and regulatory approvals.

Temasek Holdings has a deemed interest of about 39.92% in the company.

SATS explains that it has committed funding in place through an acquisition bridge facility, and will continue to evaluate its options.

The base funding plan entails the use of internal cash and equity fundraising from existing shareholders and new strategic investors, which could include the placement of new shares or other hybrid securities or convertible instruments.

Source: The Edge Singapore

https://www.theedgesingapore.com/news/m ... g-firm-wfs

[winston]

not vested

SATS (SATS SP)
WFS Acquisition: Buying A Strategic Fit In Uncertain Times

SATS has proposed to acquire 100% of WFS for a cash consideration of €1.19b
(S$1.64b).

While we acknowledge that WFS is a good strategic fit for SATS, we are cautious about the impacts that a possible global recession may have on air cargo businesses.

In addition, the weak equity market sentiment amid the rising interest rate
environment may not be in favour of SATS’ equity raising plan.

Downgrade to HOLD, with a lower target price of S$3.82.

Source: UOBKH

https://research.uobkayhian.com/content ... c531974ba8